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Daily fantasy sports (DFS) services will return to New York after Governor Andrew Cuomo signed a bill legalising the sector in the US state.
The law has the support of industry leaders such as DraftKings and FanDuel and was passed by the New York Assembly in June.
The legislation establishes consumer protections, formal regulation and a tax on the games that could generate $4 million (€3.6 million) for New York’s education system.
DFS was outlawed in New York last November when Attorney General Eric Schneiderman ruled it to be illegal gambling under state and federal rules.
Leading operators began a legal challenge, but eventually agreed to cease trading in New York after a bill sponsored by
Senator John Bonacic that sought to regulate their contests proceeded through the legislature.
DraftKings and FanDuel said that they expect to resume offering contests in New York soon by applying for a temporary licence, before a more formal three-year operating permit.
They should both be operational well before the start of the NFL American football season in September.
“Daily fantasy sports have proven to be popular in New York, but until now have operated with no supervision and no protections for players,” Cuomo said in a statement.
“This legislation strikes the right balance that allows this activity to continue with oversight from state regulators, new consumer protections, and more funding for education.”
SOURCE
The law has the support of industry leaders such as DraftKings and FanDuel and was passed by the New York Assembly in June.
The legislation establishes consumer protections, formal regulation and a tax on the games that could generate $4 million (€3.6 million) for New York’s education system.
DFS was outlawed in New York last November when Attorney General Eric Schneiderman ruled it to be illegal gambling under state and federal rules.
Leading operators began a legal challenge, but eventually agreed to cease trading in New York after a bill sponsored by
Senator John Bonacic that sought to regulate their contests proceeded through the legislature.
DraftKings and FanDuel said that they expect to resume offering contests in New York soon by applying for a temporary licence, before a more formal three-year operating permit.
They should both be operational well before the start of the NFL American football season in September.
“Daily fantasy sports have proven to be popular in New York, but until now have operated with no supervision and no protections for players,” Cuomo said in a statement.
“This legislation strikes the right balance that allows this activity to continue with oversight from state regulators, new consumer protections, and more funding for education.”
SOURCE
